Retailers are adopting AI based-product discovery platforms to expand their target market

Retailers are adopting AI based-product discovery platforms to expand their target market

Retailers are adopting AI based-product discovery platforms to expand their target market

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Social commerce is nothing but the discovery of the product, browsing, and purchasing, all taking place at a time on social media, without the need to interact with external websites. Therefore, the ease and convenience the customer experiences to purchase products on social media platforms attract them to stick to these platforms.

Consequently, customer-focused brands, whether they own sales platforms, whether that's an online marketplace or an e-commerce site, are injecting social commerce strategies to increase sales. Therefore product discovery platforms are introducing new products for brands and retailers to improve user experience. For instance,

  • In March 2022, Israel-based Syte, which is considered to be the first product discovery platform for retail, introduced Discovery Stories. It is a mobile-based user interface designed to improve the product recommendation and discovery experience on brands' and retailers' websites. This will further enhance the websites with the look and feel of social media' Stories', thereby elevating the customer shopping experience. 

By leveraging the advanced visual AI platform, Syte is making it easy and interactive for mobile shoppers to discover new products in the form of a shoppable story format. Initially, the company's product discovery platform enabled the brands to create a personalized shopping experience for customers for those products that they're most likely to buy. Now, this new feature will take the existing platform to the next level through an advanced on-site experience catering to the social shopper's journey. This will help the brands to increase traffic, sales, and customer loyalty for retailers. Therefore, any organization, whether B2C or B2B, retailer or manufacturer, are getting involved in social media to increase their sales and customer retention.

Moreover, social commerce is gaining momentum from the Gen Z and millennials, in particular, as they expect stories and personalized content as part of their shopping experiences. This particular generation, with ever-increasing spending power, together with impulse buys, brands are looking for technology to provide them with fast and reactive shopping experiences. Thus, Syte, through its innovative platform, is introducing functionalities to captivate them, thereby helping brands to increase revenue.

Notably, the shopping behavior of the consumers is constantly changing and also received impetus from the pandemic, which further overwhelmingly shifted the customers toward mobile and social commerce. Moreover, with the continued in-store shopping restrictions, brands needed technology that allows them to cater to various shopper types and address the ever-changing requirements of the consumers. Thus, it is expected that with the improved Product Discovery Platform of Syte, consumers will be able to engage with a retailer's website, elevating the mobile shopping experience and attracting significant customers over the long run.

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